Archives for November 2020

The Portland housing market is sizzling hot. Despite the economic slowdown caused by the pandemic, the Portland real estate market continues to connect buyers to sellers. In October, 3155 residential properties in Portland metro area changed hands, according to the latest report by the Portland Metropolitan Association of Realtors®.

The inventory is so tight in this housing market that the median sale price rose to $435,000, an increase of $1,500 from September 2020. There’s a lot of competition among real estate buyers in Portland due to the extreme shortage of available homes for sale. Although new listings were up from the previous month the coronavirus has also significantly reduced the number of homes for sale in the Portland metro area.

In a tight housing market like Portland, it can take some time to find a property that meets all of your criteria. According to Realtor.com, in October 2020, the median list price of homes in Portland, OR was $500K, trending up 8.7% year-over-year. The median sale price was $488,400. Ideally, a buyer would prefer a sale to list price ratio that’s closer to 90% but homes sold for approximately the asking price on average (Sale-to-List Price Ratio: 100%).

This shows that Portland is a seller's real estate market, which means there are roughly more buyers than there are active homes for sale. The higher buyer turnout and low inventory is favoring sellers. On average, homes in Portland sell after 47 days on the market. The trend for median days on market in Portland, OR has gone up since last month, and slightly down since last year.

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Nashville housing market remains one of the hottest markets in the US. Despite the pandemic led economic slowdown, there is healthy demand to purchase homes in the Nashville real estate market. Across the nation, we have seen people moving from big cities to the suburbs. Nashville too has seen an influx of buyers coming from larger markets like Seattle, New York, and California.

Another factor of increase in the out-of-state homebuyers is that Tennessee is one of only seven states that does not impose an income tax and one of two that doesn’t collect tax on earned income. This has increased the demand in many folds. High demand and low inventory are leading to the rise in home prices in Nashville at a fast pace.

This is a great trend for For Greater Nashville sellers. Currently, the inventory remains low and the prices will continue to rise for the next twelve months (check our 2021 forecast). Interest rates are at an all-time low making things a bit easier for the buyers in this fast-paced seller's market. For buyers, Nashville's quality of life and relative affordability compared to the rest of the country makes it a great place to invest or buy a house nonetheless. 

There were 4,364 home closings (res plus condo) reported for the month of October according to figures provided by Greater Nashville REALTORS®.  This figure is up 17 percent from the 3,742 closings reported for the same period last year.  The median price for a residential single-family home was $349,000, and for a condominium, it was $245,000.

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